The economy is in a 'freight recession,' with China trade decline continuing
Publishing timestamp: 2023-04-25 12:50:30
Summary
The article discusses how a decrease in ocean freight orders is impacting both rail and road transportation, leading to a "freight recession." The Port of New York and New Jersey has seen a slight uptick in container processing, but future ocean freight orders continue to pull back. The article also notes a broader contraction in global purchasing indexes and less spending on goods, leading to excess inventories. The decrease in freight movement is felt both on rails and roads, with less freight coming into the country.
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Keywords: economy, peter boockvar, business news, j.b. hunt transport services inc, u.s. economy, trade,